A permanent home for blockchain innovation
London Blockchain Conference
Calvin Ayre, organiser of the London Blockchain Conference, speaks to PoliticsHome about how the event is helping businesses and government organisations understand the technology to harness its transformative power and deliver better services to citizens.
Blockchain has gained significant attention and global recognition over the past decade due to its association with cryptocurrencies. However, distributed ledger technology is more than just a financial instrument. "Blockchain serves as a powerful infrastructure for data management and monetisation, offering numerous opportunities to make a real impact, not only for individuals but also for businesses and government enterprises," says Calvin Ayre, organiser of the London Blockchain Conference.
Business mogul Ayre has been involved with blockchain technology since meeting Craig Wright, the man behind Satoshi Nakamoto, the pseudonymous author of the 2008 Bitcoin white paper. Ayre has been on a mission to restore blockchain to its original vision as a protocol for managing and valuing data at enterprise scale as well as a viable platform for online nano-payments, rather than a speculative currency, ever since.
Cut through the noise
Ayre admits that despite the transformative power of blockchain, the adoption of the technology to solve real-world problems has been relatively slow. He argues there has been an overwhelming focus on blockchain as a speculative digital asset, overshadowing its potential for improving the transparency and efficiency of industrial, commercial and public service processes.
"Blockchain wasn't designed for crypto," he says. "Crypto was something that some people decided to use after they realised that blockchain existed," he adds, noting crypto has created a lot of regulatory headaches. "Blockchain was created for data management, and the uses of this technology don't need any new regulation. All that's needed is education about what this technology is and what it can do."
Ayre describes blockchain as an open, transparent, unencrypted data and scalable platform with an immutable timestamp of records, which offers unlimited potential to organisations.
Exhibition floor at the London Blockchain Conference
Innovators under one roof
The organiser of the London Blockchain Conference says the event is the best place to see how businesses and nations are being disrupted by blockchain technology. Designed as a three-day event to be held every year at the Queen Elizabeth II Centre, the London Blockchain Conference brings together entrepreneurs, investors and government officials from around the world to exchange knowledge and talk about the current and future adoption of the technology.
Among those attending this year's conference were technology giant IBM, working with companies in the Bitcoin Association (BSV) ecosystem to offer technology solutions to its clients. The account-based blockchain builder mintBlue demonstrated how its partnership with Nowatch brings the smartwatch market to another level, collecting healthcare data and storing it on the BSV blockchain.
On the cybersecurity front was Bryan Doherty, Global Public Policy Director at Bitcoin Association, who presented Certishash, the sentinel node that can significantly reduce the time required to detect data breaches.
Innovators and senior leaders from the province of Bataan in the Philippines commented on how the nation is taking advantage of the power of blockchain to offer public services to citizens in a panel discussion including Vice Governor, Cristina Garcia, Assistant Secretary for Infostructure Development and Management Edwin Ligot, and Kelvin Lester, from the Philippines Securities and Exchange Commission.
Real-world application
Ayre highlights the importance of having speakers commenting on blockchain's versatility and unlimited scalability as crucial factors for its successful adoption in enterprise and government settings. "We've seen how blockchain provides a foundation for efficient data management and serves as a catalyst for data monetisation. By leveraging this technology, organisations can achieve significant efficiencies and cost reductions, allowing them to do more and operate with greater efficiency.
“Lowering costs and enhancing efficiency are fundamental principles that drive technological innovation, and blockchain checks all the boxes for businesses and government enterprises,” he explains.
Speaking of the uses in the public sector, Ayre says the understanding that blockchain technology can remove data silos and enhance communication across government departments and the entire value chain in the public sector is the key takeaway from the London Blockchain Conference.
"The ability to perform nano transactions, where the cost of a transaction is incredibly low, enables governments to economically provide services such as facilitating micro-payments and enabling secure data exchange," he says. "This technology empowers governments to send information and services directly to citizens' phones, fostering efficient communication and enhancing accessibility."
Calvin Ayre speaking to PoliticsHome
Blockchain and government
To Ayre, every government should have a dedicated team studying blockchain technology and exploring its potential for reducing costs and improving services. "By breaking down data silos and enabling seamless communication between different government departments, blockchain can optimise processes and enhance transparency," he says, noting policymakers attending London Blockchain Conference could grasp the full potential of blockchain beyond financial instruments.
Commenting on the digital transformation of government, Ayre points to the challenges of dealing with legacy technology. "The conference highlighted that legacy systems often create challenges in managing vast amounts of data, prompting governments to seek alternative solutions," he says, noting that the primary barrier to the adoption of blockchain has been misinformation and the association of blockchain solely with cryptocurrencies. "Educating stakeholders, including the media, policymakers, and the public, about the true potential of blockchain is vital to encourage the future adoption of this technology," he says.
The London Blockchain Conference marked a significant milestone, establishing a permanent platform to educate and inspire individuals across different markets about the potential of this technology. The event will return in 2024 to create a hub for industry professionals, government officials, and entrepreneurs to explore blockchain's power in addressing the big data challenges of today and the future.
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